underinvestment Luca Bruno/Flickr




战后经济复苏有两个显著特点。首先,各国没有将主权债务视为硬约束(binding constraint),而是追求投资和潜在增长。其次,它们在诸多前沿彼此合作,资产负债表最强的国家帮助别的国家刺激投资,吸引私人投资。冷战的爆发也许鼓励了这一方针。如论如何,各国并没有各自为战。

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